Published on 4/7/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1 million contingent income autocalls on Russell, Nasdaq
By Sarah Lizee
Olympia, Wash., April 7 – Morgan Stanley Finance LLC priced $1 million of contingent income autocallable securities due Dec. 31, 2020 linked to the worst performing of the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 29% if each underlying index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call determination date.
The payout at maturity will be par plus any coupon unless any index finishes below its 70% threshold level, in which case investors will be fully exposed to any losses of the worst performing index.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underlying assets: | Russell 2000 index, Nasdaq-100 index
|
| Amount: | $1 million
|
| Maturity: | Dec. 31, 2020
|
| Coupon: | 29% annualized, payable quarterly if each index closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon unless any index finishes below its threshold level, in which case investors will be fully exposed to any losses of the worst performing index
|
| Call: | At par plus coupon if each index closes at or above its initial level any quarterly call determination date
|
| Initial levels: | 7,588.373 for Nasdaq, 1,131.988 for Russell
|
| Coupon barriers: | 5,311.861 for Nasdaq, 792.392 for Russell, 70% of initial levels
|
| Threshold levels: | 5,311.861 for Nasdaq, 792.392 for Russell, 70% of initial levels
|
| Pricing date: | March 27
|
| Settlement date: | April 1
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Fees: | 0.6%
|
| Cusip: | 61770FUS3
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
